尽管机构预测今年1月将呈现开门红局面，但汽车经销商的经营状况或仍面临挑战。 中国汽车流通协会综合预测，2025年12月乘用车终端零售量约220万辆，2025年全年预计达2355万辆， 与2024年基本持平。 中国汽车流通协会数据显示，2025年12月中国汽车经销商库存预警指数为57.7%，同比上升7.5个百分 点，环比上升2.1个百分点。库存预警指数位于荣枯线之上，汽车流通行业景气度有所下降。中国汽车 流通协会调查显示，经销商客户流量减少、市场观望升温致需求收缩，新车销售利润收窄，叠加部分厂 家年底冲量追加任务，加剧库存积压与资金紧张，近半数经销商2025年全年任务完成率90%及以上 （15.3%超额完成）。 "2025年12月没有形成传统的翘尾行情，整体走势还是偏淡。"中国汽车流通协会产业协调发展工作委员 会副秘书长樊宇在月度分析会上表示。 1月6日，中国汽车流通协会发布的报告显示，2025年12月汽车消费指数为97.7，高于上月，预计2026年 1月汽车市场将呈现"开门红"的局面。2025年底因地方补贴耗尽而被抑制的以旧换新购车需求，叠加 2026年春节所催生的节前购车需求，共同推高了2026年1月的购车 ...

Group 1: Market Overview - From November 1 to 23, the national retail sales of passenger cars reached 1.384 million units, a year-on-year decrease of 11% compared to the same period last year, and a 2% decrease compared to the previous month. Cumulatively, retail sales for the year reached 20.64 million units, a year-on-year increase of 6% [2][6] - During the same period, wholesale sales of passenger cars by manufacturers totaled 1.69 million units, a year-on-year decrease of 8% but an 8% increase compared to the previous month. Year-to-date wholesale sales reached 25.464 million units, a year-on-year increase of 11% [2][10] Group 2: New Energy Vehicles - Retail sales of new energy vehicles from November 1 to 23 reached 849,000 units, a year-on-year increase of 3% and an 8% increase compared to the previous month. Year-to-date retail sales reached 10.998 million units, a year-on-year increase of 20% [2][6] - Wholesale sales of new energy vehicles during the same period totaled 995,000 units, a year-on-year increase of 4% and a 13% increase compared to the previous month. Year-to-date wholesale sales reached 13.051 million units, a year-on-year increase of 27% [2][10] Group 3: Market Trends and Consumer Behavior - The retail performance in early November was weak due to last year's strong market performance, leading to lower growth rates this year. However, compared to the same period in 2023, there was still a 14% increase in sales [6][7] - Consumer sentiment remains relatively stable, but the tightening of trade-in and scrapping subsidy policies has led to a cautious market outlook, with many consumers adopting a wait-and-see attitude [6][7] Group 4: Inventory and Production Analysis - As of the end of October 2025, the inventory of passenger cars in the industry was 3.41 million units, an increase of 130,000 units from the previous month and 440,000 units from October 2024. This indicates a seasonal inventory buildup [11] - The production of new energy vehicles saw fluctuations, with inventory levels rising from 620,000 units in September to 730,000 units in October, although this is still below peak levels [11][12] Group 5: Battery Market Insights - In October, the production of power and other batteries reached 171 GWh, a year-on-year increase of 49%. Cumulatively, from January to October, the production reached 1,293 GWh, a year-on-year increase of 45% [12] - The market for lithium batteries is characterized by strong competition, with CATL and BYD holding significant market shares. The share of lithium iron phosphate batteries has surpassed that of BYD since 2024 [13]

Group 1: Market Overview - From August 1 to 24, the national passenger car retail market reached 1.285 million units, a year-on-year increase of 3% compared to the same period last year, and a cumulative retail of 14.031 million units for the year, up 10% [1][4] - During the same period, wholesale of passenger cars was 1.341 million units, a year-on-year increase of 12%, with a cumulative wholesale of 16.866 million units for the year, up 13% [1][6] - The retail penetration rate for new energy vehicles (NEVs) reached 56.6%, with retail sales of 727,000 units for the year, a 27% increase [1][4] Group 2: Weekly Sales Data - In the first week of August, the average daily retail was 45,000 units, down 4% year-on-year, but up 6% month-on-month [3] - The second week saw an average daily retail of 59,000 units, up 8% year-on-year and 10% month-on-month [3] - The third week recorded an average daily retail of 60,000 units, up 6% year-on-year but down 5% month-on-month [3] Group 3: Economic and Policy Impact - The strong economic growth of 5.3% in the first half of the year has reduced pressure on local economies, leading to stable promotional policies in the automotive market [4] - The recent issuance of the third batch of subsidy funds and the gradual restart of trade-in policies are expected to improve sales growth in August [4] - The market is anticipated to stabilize as subsidy distribution becomes more rhythmic and controlled [4] Group 4: Import and Export Analysis - From January to July 2025, imports of automobiles totaled 270,000 units, a significant year-on-year decline of 32% [7][8] - In contrast, exports of Chinese automobiles reached 4.18 million units during the same period, with a year-on-year growth of 20% [10][11] - The export of new energy vehicles saw a remarkable increase, with 1.71 million units exported from January to July 2025, a 46% increase year-on-year [11][12] Group 5: Inventory and Market Dynamics - As of the end of July 2025, the national passenger car inventory was 3.29 million units, a decrease of 30,000 units from the previous month [12][13] - The overall inventory pressure has significantly decreased compared to previous years, with the current inventory supporting an estimated 47 days of sales [13]

Group 1: Automotive Market Overview - As of the end of May 2025, the national passenger car inventory in China stood at 3.45 million units, a decrease of 50,000 units from the previous month but an increase of 160,000 units compared to May 2024, indicating a sustained high inventory level [1] - The current inventory supports a sales duration of 54 days, which is slightly higher than 54 days in May 2023 and 51 days in May 2024, suggesting increased overall inventory pressure [1] Group 2: New Product Launches - Li Auto's first pure electric SUV, the Li i8, is set to be launched in late July 2023, with preparations for production, training, and delivery nearing completion [2] - Jianghuai Automobile Group is accelerating the development of the second and third products under the ZunJie brand, following the mass production of the ZunJie S800 [3] Group 3: Corporate Responses and Strategies - NIO has responded to speculation regarding bringing in strategic investors for its chip business, stating that such information is speculative [2] - Changan Automobile has initiated an investigation into organized smear campaigns against its brand, confirming the validity of reports regarding malicious activities on social media [3] - Audi has issued a statement affirming its commitment to electric mobility and the need for a flexible product portfolio that includes BEVs, PHEVs, and ICE vehicles, acknowledging market differences globally [4][5] Group 4: Joint Ventures and Collaborations - Toyota Tsusho and LG Energy Solution have announced plans to establish a joint venture for automotive battery recycling in North Carolina, aiming to create a supply chain for recycling materials like nickel, cobalt, and lithium for new battery production, with operations expected to start in 2026 [5]